Chicago-based Cresco Labs Inc. (CSE: CL) just made another move up the public trading ladder, with the company now officially trading in the US Over-the-Counter Market (OTC) under the symbol “CRLBF.”
Previously trading on the OTC Pink market, Cresco Labs applied to trade on the higher tier OTCQX market, which requires a more intensive level of financial reporting.
Cresco additionally listed on the Canadian Securities Exchange under the symbol CL last year via a reverse takeover of Randsburg International.
Discussing the newly-granted approval, Cresco’s Chief Executive Officer and co-founder Charlie Bachtell commented:
More widespread acceptance of cannabis as a legal industry has been a major goal of companies in both Canada and the US over the last year.
While marijuana is still listed as a Schedule I drug that is outlawed at the federal level, 10 individual US states have passed laws allowing recreational sales and usage.
Earlier this morning, New Mexico’s state House of Representatives passed a bill legalizing recreational usage, which will next have to be passed by the state Senate and signed by the governor before becoming law.
With the prospect of an 11th state legalizing cannabis on the horizon, companies across the industry have seized on that momentum to push towards full nationwide legalization.
Most recently, MedMen Enterprises Inc. (CSE: MMEN; OTCQX: MMNFF) released a high-budget ad from director Spike Jonze drawing attention to the increased acceptance of cannabis usage in North American culture.
In another move towards greater visibility of the industry, Cresco’s Director of Brand Marketing Raechel White was named one of the High Times “Women Of Weed” honorees in celebration of International Women’s Day today.
Aside from pushing towards a cultural shift towards cannabis as a legitimate business, Cresco has been busy with a string of deals and store openings in recent months.
At the tail end of 2018, Cresco acquired the Massachusetts-based Hope Heal Health Inc, and additionally opened a third dispensary in Pennsylvania last month. That dispensary’s opening day was attended by the state’s Lieutenant Governor John Fetterman for a ribbon cutting ceremony.